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Asia stocks drift, Samsung gains on Edge launch

Published on NewsOK
Modified: September 3, 2014 at 10:40 pm •
Published: September 3, 2014

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TOKYO (AP) — Asian stock markets were lackluster Thursday after Wall Street fell and as investors looked ahead to a European Central Bank meeting and U.S. economic data.

A currency trader walks by a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the Korea Exchange Bank headquarters in Seoul, South Korea, Wednesday, Sept. 3, 2014. Asian stock markets rose Wednesday, lifted by new signs of strength in the U.S. economy and expectations that Europe's central bank will provide more support to the flagging region. (AP Photo/Lee Jin-man)

SAMSUNG SHINES: Shares of Samsung Electronics rose 2 percent in Seoul after it unveiled new products in Germany last night including the Galaxy Note 4 and Galaxy Note 4 Edge. The Edge created most buzz with a screen that wraps around one edge of the device allowing information to be displayed while the main screen is dark.

DATA DELUGE: The focus of traders is turning to economic data and policy announcements later Thursday. The European Central Bank announces the outcome of its policy meeting and holds a press conference; there are hopes of additional stimulus as Europe's economy continues to flag. Among the U.S. data due is an update on services activity and an employment report from payrolls processor ADP that precedes Friday's official monthly employment report.

ANALYST TAKE: With earnings reports now over, market attention is now turning to possible action from the U.S. Federal Reserve completely withdrawing its extraordinary stimulus measures later this year. Many players are taking a wait-and-see attitude. "The hesitation from investors is likely to increase downside risk in the short term as lower volumes trading through the market can lead to increased volatility," says Chay Flack, equities dealer at CMC Markets in Sydney.

UKRAINE RELIEF: News of a possible cease-fire between Russia and Ukraine drove up stocks in Germany, the largest economy in Europe and one with strong economic ties to Russia. The CAC-40 in France picked up 1 percent. Russia's benchmark MICEX jumped 3.5 percent.

WALL STREET: The S&P 500 slipped 1.56 point, a fraction of a percent, to end at 2,000.72 on Wednesday. The Dow Jones industrial average rose 10.72 points, or 0.1 percent, to 17,078.28. The Nasdaq composite, which is dominated by large tech companies, sank 25.62 points, or 0.6 percent, to 4,572.57.

CURRENCIES: The dollar appeared to pause from its recent upward swing, trading at 104.92 yen, down from 105.04 yen late Wednesday. The euro fell to $1.3147 from $1.3152.

ENERGY: Benchmark U.S. crude for October delivery was down 41 cents to $95.13 a barrel on the New York Mercantile Exchange.